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Etkin Johnson Completes $75 Million Refi in CTC

MetLife Provided a 10-Year Loan for Flex Portfolio
March 1, 2018
Pictured: 2000 Taylor Ave.

Etkin Johnson Real Estate Partners has completed a $75 million refinancing of five of its properties in the Colorado Technology Center in Louisville, CO.

The CTC II Portfolio, which includes a total of 535,787 square feet of flex industrial properties, has been refinanced on a 10-year, fixed-rate loan from MetLife.

A sixth property, the 109,386-square-foot building under construction at 2035 Taylor Ave., will be added to the loan once it is complete in the fall.

The five buildings included in the loan are: 1900 Cherry St., 1960 Cherry St., 2000 Taylor Ave., 1900 Taylor Ave. and 633 CTC Blvd., which was completed in September with three long-term leases in place that brought it to full occupancy.

"Through this financing, we are able to return a significant portion of investors’ capital earlier than expected," said Derek Conn, executive vice president and partner at Etkin Johnson. "It is a testament to our strategic development approach in the Colorado Technology Center, as well as our commitment to the marketplace long-term."

Denver-based Etkin Johnson started developing in the Colorado Technology Center almost 30 years ago, and has completed several new buildings in the area in recent years, taking advantage of the so-called "Boulder effect."

Industrial space is scarce in Boulder County relative to other parts of metro Denver, especially for those companies seeking specialized properties that can accommodate technology or aerospace uses.

Etkin’s buildings in the CTC are some of the only new product available in the area, and are available at rates that are more affordable than in locations closer to Boulder.

"Anticipating the growing demand for industrial space, we took a chance on developing speculative buildings in the CTC," Conn said.

The product lineup and design brought strong interest from lenders, said Eric Tupler, senior managing director at HFF, which arranged the refinancing.

"This is one of the largest loans completed for a high market-rate industrial project that has closed in many years," Tupler said. "Lenders really understood the story and long-term market fundamentals of the project."

Molly Armbrister, Denver Market Reporter  CoStar Group   

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